My wife and I have lived in the first home we ever purchased for the past 7 years. In that time, we've had 2 kids (they are 18 months and 3 yrs old atm). We currently live in Minneapolis proper and have been exploring schools for our oldest in case we want to move into the school district we feel suits our needs/priorities.
Over the past year and half, my wife has become obsessed with Dave Ramsey and we have paid off 20k debt (student loans, new car, yet have another 10k to go) all while making around 100k. Day care is 30k a year, so I'm actually pretty impressed with how strict we have been budgeting.
My In-laws have taken notice and feel we have a solid budgetary mindset, and they want to help up on this trajectory. They have consistently said they'd rather help us when we need it rather then watch us struggle and inherit their hard work after they die. What a generous philosophy!
So...here I am. I'm looking for the best way to go about accepting their gift.
-Do we sell our house and take out a mortgage on the new one and simply have them send the lender a banknote?
-Do they purchase the home, and then we buy it from them minus 200k?
-We owe about 190K on our current home. Should we have them pay off our current Mortgage and start fresh with sizable downpayment?
-Other ideas?
My father In-law doesn't really have a financial adviser, just a guy at the bank he talks to. He's the one that recommend he start selling some property and "liquidating" his assets since he's near retirement. That's where this idea sort of came from.
Thanks in advance!
Submitted January 26, 2017 at 08:53AM by bumbah http://ift.tt/2knOMEP
